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'Billion Dollar Whale' author: More nations must act on 1MDB crooks
Quoting from his own 2018 book ‘Billion Dollar Whale’, he said the crime could not have taken place without the connivance of executives in places like London, Geneva, New York, Los Angeles, Singapore, Hong Kong, Abu Dhabi, and elsewhere.
“With this verdict, Malaysia becomes only the second...
While Malaysia carries out its first prison sentence linked to the 1MDB scandal, author and journalist Tom Wright said there is still more to be done to hold the culprits of the embezzlement to account.
Quoting from his own 2018 book ‘Billion Dollar Whale’, he said the crime could not have taken place without the connivance of executives in places like London, Geneva, New York, Los Angeles, Singapore, Hong Kong, Abu Dhabi, and elsewhere.
“With this verdict, Malaysia becomes only the second jurisdiction after Singapore to jail anyone in this scandal (Singapore jailed a number of private bankers who helped businessperson Low Taek Jho, or Jho Low).
“Now it's time for the US, Switzerland, and other nations to do their job and sanction the many other individuals who allowed this to happen.
“And China? Well, it continues to harbour Jho Low and we have scant hopes at Whale Hunting that he'll ever see justice.
“But today is a start,” he wrote in the newsletter Whale Hunting yesterday.
Wright (above) and his colleague Bradley Hope played a key role in exposing the 1MDB scandal during their time at the Wall Street Journal, before writing about their findings in the book ‘Billion Dollar Whale’ and setting up the Whale Hunting newsletter.
The latest newsletter was written following the Federal Court judgment today to uphold former prime minister Najib Abdul Razak’s conviction in relation to SRC International – a company that was previously under 1MDB.
Wright wrote that no one at Goldman Sachs has been jailed so far, and its senior executives have avoided any punishment.
The investment bank itself paid billions in fines to Malaysia and the US for its role in the 1MDB scandal, but he said the bank can afford such fines.
He also quoted Singapore Monetary Authority managing director Ravi Menon saying that when banks are fined, it hurts shareholders and other stakeholders.
“People continue to do wrong things because they've not been held personally liable and responsible,” Ravi was quoted as saying.
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